Amsterdam, July 17th, 2024
Quatt, an Amsterdam-based scale-up specializing in smart heat pumps, today announces €25 million in a growth equity funding round led by Blue Earth Capital, with participation from Seaya Andromeda and existing investor Impact Equity Fund. Quatt has experienced rapid growth over the past two years, installing over 7,500 smart heat pumps throughout the Netherlands, and the organization has seen significant expansion. “Due to its quick payback period, more and more Dutch people are opting for our heat pump,” says Marijn Flipse, CEO and co-founder of Quatt. “In the three years since our inception, we have secured a leading position in the heat pump market thanks to our consumer-centric approach, smart software and attractive design. By focusing on product development, sales, and installation all in-house, we deliver an excellent customer experience at a very competitive price. This is now recognized by international investors as well.”
New Products and Crossing Borders
Quatt’s flagship product is the “Hybrid”, an ingenious intermediate solution towards fully decarbonizing residential heating by connecting a Quatt-designed hybrid heat pump to customers’ existing boilers, therefore reducing their gas consumption by up to 80% while keeping the boilers for back-up heating needs. Quatt recently introduced two add-ons to Hybrid – the “All-Electric” heat pump and its patented cooling system “Chill.” This financing will enable Quatt to accelerate the development of these and other new products.
Flipse adds, “Over the next 5-10 years, Europe will need to take significant steps in transitioning the built environment to sustainable energy. We aim to make sustainable homes accessible to everyone while reducing energy costs. We look beyond just the heat pump and Dutch borders.” As part of its expansion strategy, Quatt is complementing its market-leading online lead generation with collaborations with installation partners, energy companies, and other market players.
“Heat pumps are an important part of the energy transition for Europe, where nearly 80% of final energy consumption in the residential sector is used for space and water heating, with a high dependence on natural gas,” says Kayode Akinola, Head of Private Equity at Blue Earth Capital. “Quatt’s differentiated approach and product suite address common barriers to heat pump adoption by building consumer confidence. This enables real energy and cost savings whilst starting the transition to electrification of an important part of the household and working to decarbonize residential properties. This approach aligns with BlueEarth’s aim to support the energy transition by providing growth equity and support to companies offering products and services that contribute towards decarbonization.”
Carlos Fisch, partner and co-Head at Seaya Andromeda says “Quatt’s modular system will play an important role in the energy transition. Consumers can gradually switch to sustainable energy. From this winter, Quatt’s hybrid heat pump can be upgraded to a fully electric pump, and in the spring of 2025, they will launch Chill, a unique air conditioning system that cools using the existing heat pump. With this product roadmap, we believe Quatt can become a category leader. We are looking forward to supporting the team with their efforts to expand in Europe.”
Impact Equity Fund, which invested in Quatt in 2022, is also participating in this funding round. Randolf Nijsse, founder of Impact Equity Fund, is particularly impressed by the focus on the customer journey of the Dutch smart heat pump company. «The ease of purchase is crucial for success and impact on the energy transition. Quatt’s products are low-threshold, making them distinctive in this market.»
About Quatt
Quatt is an Amsterdam-based scale-up specializing in smart heat pumps. The company develops, produces, and installs Quatt Hybrid, a hybrid heat pump powered by smart software. Quatt is a market leader in the Netherlands and distinguishes itself by making heat pumps accessible, offering the best payback time, and using smart software. The rapidly growing company has about 160 employees and was founded in 2021 by brothers Marijn and Bas Flipse. They aim to help 3 million households transition to sustainable energy by 2030.
About Blue Earth Capital
Blue Earth Capital is a global, independent, specialist impact investor, headquartered in Switzerland, with operations in New York, London, and Konstanz. Blue Earth Capital seeks to address the world’s most pressing social and environmental challenges by delivering measurable impact alongside aiming for attractive and market-rate financial returns. The company operates dedicated private equity, private credit, and fund solutions. Blue Earth Capital is owned by the Blue Earth Foundation, a Stiftung (charity/trust) registered in Switzerland that focuses on deep impact to support initiatives and business ventures to help deliver a more equitable and sustainable future.
About Seaya Andromeda
Seaya Andromeda is a Pan-European Climate Tech Venture capital focused on growth. With €300M assets under management, Andromeda is an SFDR Article 9 fund on a mission to address global sustainability challenges and deliver profits with purpose through investments in technology-driven companies focusing on Energy, Decarbonization, the Circular Economy, and the Sustainable Food Value Chain. Seaya Andromeda is part of Seaya, the leading European Venture Capital platform, with offices in Madrid, Barcelona, and Mexico City. Seaya raised its first fund in 2013 and currently manages over €650 million across five early-stage venture funds. Seaya accelerates the growth of startups by leveraging the founder’s strategic vision, providing them with Seaya’s global platform, its extensive network of founders, investors, and multinational corporations, as well as all its experience in the worldwide expansion of companies such as Glovo, Cabify, Wallbox (NYSE:WBX), Clarity AI, Clicars, Alma and RatedPower.
About Impact Equity
Impact Equity Fund, based in the Netherlands, is committed to generating sustainable financial returns while driving measurable social and environmental impact. The firm invests in innovative enterprises that align with its core values of sustainability, equity, and transformative growth, leveraging its expertise and network to support ventures that contribute to a better society and environment.
